Oil prices rose, in trading today, Monday, by more than 1%, and this came after the “OPEC +” group, which includes Russia and Saudi Arabia, announced new production cuts.
And by 09:08 Moscow time, US crude futures rose by 1.37% to $72.72 a barrel, while Brent crude futures rose by 1.22% to $77.06 a barrel, according to Bloomberg agency data.
Yesterday, Sunday, the “OPEC +” group said that it had decided to reduce its crude oil production by 1.4 million barrels per day, during 2024, from October 2022 levels.
According to the group’s statement, the level of total crude oil production for the member states of the coalition will reach about 40.46 million barrels per day from the beginning of 2024 until the end of 2024, instead of 41.86 million barrels per day (the production volume of October 2022).
Russian Deputy Prime Minister Alexander Novak said that Russia is fulfilling its commitments to reduce oil production, after the “OPEC +” meeting.
Novak revealed Russia’s intention to extend its voluntary cut in oil production, amounting to 500,000 barrels per day, until the end of December 2024, as a precautionary measure.
This article was originally published by RT.